You may have a great idea.
However, leave room for the possibility of an even better idea – one that is more likely to help you achieve your end goals sooner.
Also, allow for the probability that your idea will not be the greatest ingredient in achieving your desired success.
The following is based on an article by Rick Terrien on entrepreneur.com explaining the wisdom of slowing down to speed up.
Slow startups are new organizations typically self-funded and don’t need to meet rapid financial goals. (Self-funding is ideal – let’s bounce some ideas around about how this could be possible for you and can de-risk your move into entrepreneurship – Click Here to book half an hour with a fellow entrepreneur)
They’re enterprises designed around their founders’ personal goals and aspirations for success.
Certainly, there’s a need for consistent revenue so the entity’s sustainable but slow startups can be created, planned, and executed in ways that develop slowly over time to match a founder’s resources and available time.
How do slow startups affect their intended markets?
- Serve both their founders and their target markets without a rush to meet rapid revenue targets
- Revitalize their communities and their industries by offering new ways to think about how change happens and causing that change at the pace that best serves the entrepreneur
- Model new ways of building business and community networks to solve unexpected problems
- Show their peers and communities just what inspired, vibrant problem-solving looks like and the kind of quality results that come from new approaches
- Inform and educate communities about issues they’re passionate about
These kinds of contributions require the opposite of rushing. They require that the entrepreneur be prepared with sustainable solutions and, more importantly, to have taken the time to understand the problems being addressed and their new enterprise’s impact on those already in the fray.
Ignore the rush-to-market hype.
You can give birth to your enterprise at your speed.
You can grow it on your timetable with the time you have available.
If you live by someone else’s clock, you’ll be accepting other people’s definitions of what you should do, not what your own planning and work has inspired you to launch.
Fine-Tune Your Initial Idea
Let the research take you into challenging new directions, not the same old same old. What’s emerging? What’s exciting? Ask yourself questions like these:
- Where in your own life do you see a need for improvement in the world?
- What makes you mad about the way some things are done?
- What scares you? It must scare others. How would you fix or mitigate this issue?
- In your own work life, what parts of that work are no longer done to the standards you want to see?
- Where are labour shortages in your work life most acute?
- Where in your own life do you see businesses and organizations cutting corners that negatively affect their operations?
- What opportunities are you hearing about from other places that aren’t yet represented in your community?
- What problems or issues are you passionate about and that you think others would benefit by having access to your information?
- Was there an event in your life in which you volunteered for something that lit you up? Can you bring a different perspective to improving those issues?
Take the opportunity to slow down and make changes that utilize the new digital and cultural tools that are appearing. Then hurry up and try them out.
By Guy Wilson